ST. LOUIS — Energizer Holdings Inc. announced that it was the winning bidder for American Safety Razor Co. in bankruptcy court proceedings.
Energizer Holdings Inc. announced that it was the winning bidder for American Safety Razor Co. in bankruptcy court proceedings.
Energizer said late last week that it has signed an agreement with American Safety Razor to purchase substantially all of the shaving products company’s assets for $301 million in cash and the assumption of certain liabilities. The acquisition is subject to regulatory approval.
In late July, American Safety Razor reported that it had filed for Chapter 11 bankruptcy protection and had subsequently reached an agreement to sell the company to its first-lien creditors.
American Safety Razor is the fourth-largest manufacturer and distributor of wet shave products and is a leading supplier of private-label razors and blades. Its value-priced products are sold worldwide to mass merchandisers, drug stores and supermarkets under store brand names as well as under the company’s own brands, including Magnum, X5, Matrix 3, Mystique and Personna.
Energizer is the parent company of Schick Wilkinson Sword (SWS), the second-largest global manufacturer and marketer of men’s and women’s wet shave products. SWS products are sold in over 140 countries, and its portfolio of products includes Hydro, Quattro, Intuition, Xtreme 3 and Protector.
"This is an exciting time for Energizer Holdings Inc. and Energizer Personal Care," stated Ward Klein, chief executive officer of Energizer Holdings. "The addition of ASR’s strength in the private-label wet shave business provides an important strategic fit and opportunity for the Energizer Personal Care business.
"As it relates to ASR’s wet shave private-label business, our plan is to maintain and even strengthen our commitment to this segment," Klein commented. "The addition of ASR to our SWS business broadens our product portfolio, enhances our ability to deliver total category solutions to our retail customers, and provides us with greater scale to effectively compete in an increasingly competitive marketplace. We are excited to go to market with these two complementary businesses."